Identifying project risks is a struggle for even seasoned project professionals. As part of a risk breakdown structure, decomposition is an exercise that can help you and your team members identify realistic potential events that could impact the project.
A risk register that simply lists risks without addressing their consequences is at risk of being ignored. A more effective risk register explains why we should be concerned about the risks; it clearly communicates the risk events and what their impact would be. In short, it answers the "so what" question.
Failure to identify risks as potential future events renders probability evaluation meaningless, response planning problematic, and issue identification impossible. So how do you transform those bad things we are concerned about into risks we can clearly identify and appropriately measure and manage?
A common approach to identifying project risk is brainstorming, and it can also serve as a great team-building exercise. However, there are pitfalls that can reduce its value. Here are practical tips for a more effective brainstorming, including a closer look at those potential pitfalls and how to deal with them.
Too many project managers separate risk analysis from their schedule development, leading to overly optimistic estimates and unwelcome suprises along the way. Here is a holistic approach for making risk analysis an integral part of schedule creation, which, in turn, will help you and your team generate more realistic estimates.
There are many on-time, on-budget projects that are total failures. They fell victim to false assumptions. The most successful projects blend rapid learning with rapid iterative delivery. In fact, these capabilities are intertwined, and we achieve the best outcomes when we practice both.
As organizations are challenged to deliver more projects and programs with flat or decreasing resources, completing initiatives on time and within budget is more difficult than ever. Here are six areas where they most commonly fail and suggestions to avoid these classic pitfalls.
Project managers who lose sight of the big picture eventually lose control of their projects. The key is developing a strategy to manage your project that is iterative and accounts for competing demands, from risk to priorities to durations. Here’s an example of how to build Agile benefits into your non-Agile processes.
Project data analysis should go beyond simply churning out schedules, status reports and gantt charts. With careful attention to the quality and reliability of the data collected, you can zero in on issues and risks that may jeopardize the outcome of your project.
Risk matters because it has the potential to affect the achievement of objectives. By linking risks to objectives, we can distinguish a variety of risks at the organizational, project and personal level, from the strategic to the technical and so on.